No Mortgage! - Page 2

Beestie · 12-06-2006, 04:34 PM

Awesome job, HM. I think lookout's suggestion is a very good one. Typically, you have to pay mortgage tax on the amount of the credit line at closing as though you were taking out the entire amount. I'd bite the bullet and get a line for as much as you can. Nothing like tax-free debt.

lookout123 · 12-06-2006, 05:11 PM

mortgage tax? what the heck is that?

DanaC · 12-06-2006, 05:14 PM

Nice goin HM.

be-bop · 12-06-2006, 05:22 PM

3 years ago my Aunt died and left me the money to pay off my mortgage however "she who must be obeyed" decided we needed to move nearer her mothers and now we have a mortgage again **sigh** .

lumberjim · 12-06-2006, 06:09 PM

how long was the term initially? oh, and holy shit. i hate you.

BigV · 12-06-2006, 06:11 PM

HM, my heartiest congratulations.

Please don't let the rank odor of JEALOUSY diminish my good wishes. I'm really. very. happy. for. you.

HELoC, a big yes. $1000, no freakin way. You really, really want to get the to a nunnery, assuming the nearest one is located in a CREDIT UNION!! You know, where you own the joint, or at least a piece of it instead of a bank? Seriously. My HOLoC was $79, a "reconveyance fee". Do not pay $1000. You're waywayway smarter than that.

Oh, and you're right to dally wrt the 0% loans. Free money indeed.

Way to go!!

Happy Monkey · 12-06-2006, 06:39 PM

Quote:

Originally Posted by lumberjim

how long was the term initially? oh, and holy shit. i hate you.

30 years. I was lucky enough to buy before prices ballooned. Though at the time I thought it was a lot of money...

Quote:

Originally Posted by BigV

HELoC, a big yes. $1000, no freakin way.
...
Seriously. My HOLoC was $79, a "reconveyance fee". Way to go!!

Thanks! I got the $1000 number from a random website when I googled the term. If I get one, I'll put a bit more research into it.

JayMcGee · 12-06-2006, 07:02 PM

You cut a 30 term mortgage to 7.5? That's some going! Congrats are surely due.

Happy Monkey · 12-06-2006, 09:03 PM

Quote:

Originally Posted by JayMcGee

You cut a 30 term mortgage to 7.5? That's some going! Congrats are surely due.

Thanks! If you start early, it's a lot easier. An extra dollar on the first payment at my interest rate was the equivalent of almost seven dollars on the last. So, an extra payment on the first year was (roughly) equivalent to taking 5-7 payments off the loan. I managed a bit more than that, obviously, but the principle remains (or dwindles, as the case may be).

Iggy · 12-06-2006, 07:40 PM

Wow!!! I am seriously impressed. That must have took some serious discipline on your part! Congradulations!!

Aliantha · 12-06-2006, 07:49 PM

Good work HM! Can't wait till i can post a thread like this one.

lookout123 · 12-06-2006, 08:09 PM

bigV you pay the piper somewhere. either in fees or money hidden in the back end. you're better off "paying more" with a good mortgage professional who will disclose it all. your fees should depend on the size of the loan. anybody who offers a different program is taking an undisclosed amount on the back.

Urbane Guerrilla · 12-06-2006, 08:06 PM

Good show, you're doing better than I am.

SteveDallas · 12-07-2006, 09:11 AM

Congratulations!! Very impressive.

Happy Monkey · 12-15-2006, 03:59 PM

Hee! At least you now can apply that capital to something else, now!

12-06-2006, 04:34 PM	#1
Beestie -◊\|≡·∙■·∙≡\|◊- Join Date: Feb 2003 Location: Parts unknown. Posts: 4,081	Awesome job, HM. I think lookout's suggestion is a very good one. Typically, you have to pay mortgage tax on the amount of the credit line at closing as though you were taking out the entire amount. I'd bite the bullet and get a line for as much as you can. Nothing like tax-free debt. __________________ ♠ ♥ ♣ ♦

12-06-2006, 05:11 PM	#2
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	mortgage tax? what the heck is that? __________________ Getting knocked down is no sin, it's not getting back up that's the sin

12-06-2006, 06:09 PM	#5
lumberjim I can hear my ears Join Date: Oct 2003 Posts: 25,571	how long was the term initially? oh, and holy shit. i hate you. __________________ This body holding me reminds me of my own mortality Embrace this moment, remember We are eternal, all this pain is an illusion ~MJKeenan

12-06-2006, 06:11 PM	#6
BigV Goon Squad Leader Join Date: Nov 2004 Location: Seattle Posts: 27,063	HM, my heartiest congratulations. Please don't let the rank odor of JEALOUSY diminish my good wishes. I'm really. very. happy. for. you. HELoC, a big yes. $1000, no freakin way. You really, really want to get the to a nunnery, assuming the nearest one is located in a CREDIT UNION!! You know, where you own the joint, or at least a piece of it instead of a bank? Seriously. My HOLoC was $79, a "reconveyance fee". Do not pay $1000. You're waywayway smarter than that. Oh, and you're right to dally wrt the 0% loans. Free money indeed. Way to go!! __________________ Be Just and Fear Not.

12-06-2006, 07:02 PM	#8
JayMcGee Cardigan-wearing man Join Date: Mar 2006 Location: Much Binding In The Marsh Posts: 1,082	You cut a 30 term mortgage to 7.5? That's some going! Congrats are surely due. __________________ I like wearing cardigans...... my current favourite is an orange cable-knit with real leatherette buttons.

12-06-2006, 05:14 PM	#3
DanaC We have to go back, Kate! Join Date: Apr 2004 Location: Yorkshire Posts: 25,964	Nice goin HM.

12-06-2006, 05:22 PM	#4
be-bop Operations Operative Join Date: Sep 2003 Location: scotland/uk Posts: 664	3 years ago my Aunt died and left me the money to pay off my mortgage however "she who must be obeyed" decided we needed to move nearer her mothers and now we have a mortgage again sigh .

12-06-2006, 07:40 PM	#10
Iggy Back and ready to tart up the place Join Date: Jan 2005 Location: Kansas Posts: 850	Wow!!! I am seriously impressed. That must have took some serious discipline on your part! Congradulations!! __________________ Chock-full of naughty goodness.

12-06-2006, 07:49 PM	#11
Aliantha trying hard to be a better person Join Date: Jan 2006 Location: Brisbane, Australia Posts: 16,493	Good work HM! Can't wait till i can post a thread like this one. __________________ Kind words are the music of the world. F. W. Faber

12-06-2006, 08:09 PM	#12
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	bigV you pay the piper somewhere. either in fees or money hidden in the back end. you're better off "paying more" with a good mortgage professional who will disclose it all. your fees should depend on the size of the loan. anybody who offers a different program is taking an undisclosed amount on the back. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

12-06-2006, 08:06 PM	#13
Urbane Guerrilla Person who doesn't update the user title Join Date: Jul 2002 Location: Southern California Posts: 6,674	Good show, you're doing better than I am. __________________ Wanna stop school shootings? End Gun-Free Zones, of course.

12-07-2006, 09:11 AM	#14
SteveDallas Your Bartender Join Date: Jan 2002 Location: Philly Burbs, PA Posts: 7,651	Congratulations!! Very impressive.

12-15-2006, 03:59 PM	#15
Happy Monkey I think this line's mostly filler. Join Date: Jan 2003 Location: DC Posts: 13,575	Hee! At least you now can apply that capital to something else, now! __________________ _________________ \|...............\| We live in the nick of times. \| Len 17, Wid 3 \| \|_______________\| [pics]

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